Figures of the Day

348-79. No Ditka isn’t coaching the Bears. It was today’s House of Representatives Vote on the Chinese yuan.

This is populist anger bubbling. This vote also confirms that we are 34 days from an election. They can’t go back to their districts and give opponents an issue. This vote was a huge mistake and potentially could touch off a trade war. If the Chinese lose face over this issue, there will be trouble. Better to handle this with back channel negotiating.

Another figure, 210-209. Nancy Pelosi cast the deciding vote to adjourn the House without extending the Bush tax cuts. Amazingly after Bill Foster and Melissa Bean of Illinois voted to increase costs and increase taxes with Fin Reg and Obamacare, they voted against adjournment! It’s silly season. I call “bullshit” and no way to they make that vote earlier this year.

Inserted a half day later:This vote was pre-planned and scripted by Democrats. They knew Pelosi would cast the decider, but assume she is in a safe district. Virtually every Democrat that voted for it is in a gerrymandered safe district. They have had 2 years to extend the Bush tax cuts. It’s not as though we were in rollicking good economic times back in 2008. The country just got to witness hard boiled politics at it’s best, with the proper spin afterwords.

All the Democrats that voted against it are either in swing districts or tough races. Fortunately for the Senate, they won’t take up these measures until after the election. Feingold, Murray, Boxer and others avoid the hot flames.

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Jeffrey Carter is an angel investor and independent trader. He specializes in turning concepts into profits. He co-founded Hyde Park Angels one of the most active angel groups in the United States in April of 2007. He previously served on the Chicago Mercantile Exchange Board of Directors. He has done market commentary for (More...)

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